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Belgian group buys Cork care home in €25m deal

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Aedifica, a Brussels-listed healthcare real estate investment company, has acquired the Bridhaven care home in Mallow, Co Cork, for €25m, marking its first investment in Ireland.

The company, which has a market valuation of around €3bn, announced the acquisition of the 184-resident care home last week.

Aedifica has developed a portfolio of more than 490 sites in Belgium, Germany, the Netherlands, the UK, Finland, Sweden and Ireland.

Stefaan Gielens, the company's chief executive, said Ireland provides an attractive investment opportunity for the company due to its fragmented market and the ageing population creating future demand.

"We are very pleased with this important step forward in our European growth story, and we are already working on the further development of our group's activities in Ireland," he said.

Bridhaven care home is operated by Virtue, part of the private operator Emera Group. Its management team has over 35 years' experience in the elderly care sector.

Virtue currently operates around 650 beds across five care homes in Dublin and the north-east.

The care home has been let on a 25-year lease.

In 2021, Virtue will open an additional care home of 90 beds in Ireland.

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